Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-01-14

Sarilv reduced INC i"hu ~ 'i' ""''"'''
Independcntly ofliabilitieS provided for
by appropriationS. the following indebted
ness existed March /, 1855:
tn the school Fund, Irreducible, on
r,rlDr loans 3AL 10
tn SberiH's claims on file In Auditors
Tn CSgnties, Districts and Municipal
C0rporatiouS. on railroad taxes trum
January payment, lsS5...........-.-.-.. '''>'' -
r,,sl SlSl O6S -
To meet the constant demands upon ac-
count of appropriations, there was no relief
but To borrow.
Sec. /. Art. y, State constitution, pro-
videS that:
No debt shall be contracted, by the
State. except to meet casual deficits in the
revenue.
Sec. 2G, Chapter Il, Code, re-enacted hy
Chapter IL. Acts lSS2 provides that:
The Governor may raisc, from time to
time, by temporary loans, not having over
eighteen months To run, nor bearing Il
-reatrr rate Of interest than two cents per
hundred dollars per day, 50 much as may
be- needed 10 supply the wants of the Treas
ury."
Under the authority ortheSe provisions,
raised, by temporary loans, renewing
ulrt thereof, from time to time, from
March /. l~S5, to January ., lSS7, 500, -
900. % Of this sum $50, 900 90 were bor-
. owed from 'the School Fund '--irreduci-
kI,-and the remainder from banks, at SiN
Dat cent. interest
said sum ofS59, OOO.OO WIS uniuvcSted
and remaining in one of the State Deposi-
tories drawing but two per cent. inter
CSt
Sec. I, Art. Il, State Constitution, pro-
vides that
The School Fund shall be invested
ZIP the interest bearing securities OF the
United States, or OF this State, or il such
interest bearing securities can not he OBJ
tanned. then said School Fund shall be in
vested in such other solvent interest bear
ing securities rs shall be approved by the
Governor, Superintendent OF Free schools,
auditor and Treasurer, who are hereby
the Board of School Fund.
The Board, ON examination, lsrtrtaincd
that such Investment in United States Sc
curitieS could not be made except at great
loss and sacrifice to the school interests.
because OF the heavy premiums then run
ming from II to - per cent. aud the low
rates of and 4 per cent. interest.
Excepting that from ''TheSrhool Fund, "
the whole OF said loan-principal and in
tcreSt has been paid oil and discharged.
Tn, Indebtedness, at this date, January >,
l~~1, Is aS follows:
Fug The school Fund Irrr,Hcihlr..Sl>t,1lll j.
For ~uyri,> claims on tile IA Auditors
tNl'2 I'D
For Counties districts and Municipal
Corporations on railroad taNrS......... 2l6l IL
Total ~ %
Balance in Treasury To- ,,
credit state Fuud...........S G.llI 10
balance I'm Treasury turrr,l-
10 stale Fuud iur Public
EUibliuE, 80 - ~S9 '
Total debt les, cash In Treasury S5J7. - 81
Summary Of payments from Narch 1, l~-h,
10 JdHUdrg5, l~-T;
Paid in reduction ot cht ...............S -2-y& lG
Paid uu bank loans uecrSNitaIcd 10y
condition 81 Treasury ............... InuO IL
T,,al........................... s.r7p# p
The Auditor in the performance OF his
official duty always in his report, gives cS-
timatcd probable receipts ut the treasury,
during the next two succeeding wears.
This, OF course, is Tor legislative guild
auce in providing and aPpropriating State
revenue.
The appropriations of the last session OF
the Legislature exceeded by Sl2OUOO; the
estimated receipts tor the Years lNN5 and
l-~6
Plainly. this amounted To the creation
OF u deficit in the revenue, and at once
rlused financial embarrassment. Real
izjng how difficult it Is to hold puhlic ap-
prnpriati ious within economical limits, and
knowing the necessity ot' its being done, l
especially request your careful attention
that il may be effected.
Receipt, and DisLUrsaIarnts for The FSscdi
l,,y ruiiHg September 30, l~-5:
The receipts at the Treasury for tho
fiscal YEAR ending september 20,
l>I. were .... St,' lt> ~
The balance on hand at the end 0t
preceding year wstN.........-.--...... 2-'..' -
Making a total ut.................... SLuI2l9I -
The di>burrmculs during the same
period wrrc....--.-............ >"-"I" -
leaving balance at end Of year I>>j Sl>olNl %